Three Huge Last Minute Money Moves To Make Before New Year's Eve
Shutterstock After the madness of holiday shopping and socializing settles down, year-end can also bring with it some down-time from work and other projects. Why not use the post holiday doldrums to tweak your finances? Getting it done now means fewer New Year’s resolutions (and potential regrets) later. Before popping the […]
Source: Forbes
Money Saving New Year's Resolutions
It’s about to be 2017, which means that everyone is about to make their New Year’s Resolutions.
That means, the timing could not be more perfect to focus on resolving to focus on your education and, of course, a way to pay for it!
Here are some suggestions of resolutions you can take on this year to improve your financial situation:
Credit cards can seem like a simple solution for the present, however, piling on debt to deal with later is not a solution.
As enticing as any credit card rates may seem, interest accumulates rapidly and paying off the minimum payment is not a solution.
If you do have a credit card, only spend what you actually have. That way, you will improve your credit score and never carry a balance.
It sounds simpler than it is. Saving is difficult, but if you decide to save a certain portion of your paycheck, it can be easier if you arrange for automatic deposit of that portion into a savings account.
Eventually, you will get used to your adjusted paycheck and will not even think about the amount that’s gone into your savings.
Scholarships are basically like free money for school and the more you apply for, the better your chances are of winning. Stay diligent – it’s not easy to win a scholarship and you likely won’t win one on your first try.
This year, resolve to apply for a certain number of scholarships weekly. Maximizing your chances can take you from a scholarship applicant to a scholarship winner this year.
If you can’t afford to go out, stay home. It’s that easy! You must be realistic – if you can’t afford to dine out, go out or whatever it is – why not entertain on a budget?
Go in on a cooking dinner with friends (groceries are much less expensive than eating out), playing games at home or find other budget-friendly ways to have fun. Remember, you can say no to going out and spending money without sacrificing fun!
Source: Fastweb
6 End Of Year Tax Moves That You May Not Have Thought About
Shutterstock Don’t wait until tax day to look for ways to reduce your 2016 taxes. By then, it will be largely too late no matter how good your accountant is. The best time to reduce your 2016 taxes is in 2016. As the year draws to a close, it’s time for […]
Source: Forbes
Financial Aid Award Packages Arriving Early
As the holiday cards and packages arrive, you may want to keep your eyes peeled for another significant piece of mail: your financial aid award letter. Yahoo is reporting that financial aid award packages are already starting to arrive. This is all due to the new FAFSA timeline that was launched on October 1 of this year.
The new FAFSA launch date allows students to submit the FAFSA as soon as possible after October 1 versus January 1, which lines up better with the college admissions cycle. It also allows students and their families to provide tax information for the year prior rather than estimating figures for the form. For instance, in years past, when filing the FAFSA for the 2017 – 2018 academic year, you would have had to estimate your tax information for 2016. Instead, under the new FAFSA, you’ll be able to submit your financial information for 2015.
Given the accuracy of the new FAFSA as well as the timeline, colleges and universities across the country have actually been able to compose and send financial aid award packages to students that have already been admitted, according to Yahoo. That’s nearly three months earlier than is typical. A survey from EAB confirmed that 26% of colleges will mail financial aid award packages four to eight weeks earlier and 31% plan to send them two to three weeks earlier.
Yahoo points out that the financial aid packages will most likely provide a ballpark range for aid and tuition costs given that most colleges and universities won’t set prices for the 2017 – 2018 academic year until sometime in 2017. State budgets also won’t be conclusive at this point, which could affect grant and other state aid figures on your package. But this has always been the case with financial aid award letters and isn’t necessarily reflective of the new FAFSA timeline.
So what do I do once my financial aid award letter arrives?
When the letter or package arrives, you’ll get a more accurate picture of the cost of attendance at that particular college. As financial aid offers from other schools roll in, you’ll be able to compare and contrast your offers to see which school makes the most financial sense for you and your family. Use college cost calculators to help calculate your aid package in addition to any scholarship money you have received. And if you have any questions at all about your package, now is the time to call the college’s financial aid office. The goal at this point in the game is to have the best picture possible of what attending each college will entail.
This might also help push you to seek other resources for paying for college. If you haven’t searched for scholarships, it’s not too late to start now. Fill out or update your profile on Fastweb to see which scholarships in your area, field of interest or college you qualify for and apply. The first of the year is also a great time to meet with your high school guidance counselor about local scholarship opportunities.
The great news is that you don’t have to make a final college decision until May 1 and the early release of financial aid award packages gives you plenty of time to make an informed decision.
If you haven’t applied to any colleges or completed your FAFSA, stop what you’re doing right now and get started! Many college admissions deadlines fall in January and early February so you need to apply now. There are several different components that make up the admissions application, like essays, letters of recommendations and test scores. You need to allow yourself a week or two to compile all of these pieces in order to make the best case for admission.
In regard to financial aid, many states operate on a first come, first serve basis, meaning financial aid dollars could run out if you don’t apply in time. Additionally, states have their own FAFSA deadlines, many of which fall in February and March. So to give yourself the best financial aid package, you need to submit your form as soon as possible.
This holiday break offers the perfect opportunity to work on your college admissions applications and FAFSA. This is your chance to fill out applications without having to balance homework, exams and extracurricular activities. It’s also ideal to spend some of the time with family gathering financial information and completing the FAFSA. Dedicating time now to these major college admissions to-dos could have a substantial payoff for you in the future – literally.
Source: Fastweb
Saving For Retirement Beyond The 401(k)
Shutterstock If you’re like most Americans, your vehicle for retirement savings is your employer’s retirement plan, typically a 401(k) or maybe a 403(b) if you work for a non-profit. After all, the plan has tax benefits, may offer matching contributions from your employer, and perhaps most importantly, it’s convenient as it […]
Source: Forbes
2017 – 2018 Financial Aid Deadlines
Financial aid can be a confusing topic but the most important thing to remember is to keep track of your deadlines. Deadlines can change depending on whether they are federal or state applications, so it’s important to be able to decipher between the two.
Not sure when your financial aid applications are due? It’s important to be aware that, while deadlines can vary by state, it’s easy to remember the federal financial aid application deadline, because it is the same for everyone: June 30, 2018.
Just this year, the FAFSA rolled out on its new launch date: October 1. The new date – as opposed to January 1 – allows students more time to complete the form and better aligns with the college admissions process. It also asks for financial information from the prior prior year rather than asking families to estimate their tax information.
In addition to complying with the federal deadline above, students must adhere to state financial aid deadlines as well in order to qualify. Looking for your state’s specific deadline? Don’t worry! We’ve got you covered with a complete list of financial aid deadlines, state-by-state, for the 2017 – 2018 academic year.
Before you check out the list and look for your state, it’s important to review the information below. It can help you understand all of the relayed information and ensure you note the correct deadlines for your state!
— This information is for the 2017 – 2018 school year.
— The Federal Aid Deadline for the 2017 – 2018 academic year is June 30, 2018 – no matter what state you live in.
— Online applications must be submitted by midnight Central Time, June 30, 2018.
— FAFSA on the Web applications must be submitted before or by midnight, 12:00 a.m. Central Standard Time on June 30, 2018.
State deadlines may be earlier than the federal deadline and do not replace filling out the FAFSA. You must fill out the FAFSA to receive federal student aid. In all cases, it’s best to apply early before funds run out. And, for state or college aid, the deadline may be as early as October 2016.
Note: Your school must have your complete and correct information by your last day of enrollment in the 2017 – 2018 school year.
Many states do operate on a first-come, first-served basis until funds run out, so it’s always in your best interest to submit the FAFSA as soon it’s available on October 1 of each year!
Also, be sure to check your state’s specific listing for notes so that you can make sure you know if any specific criterion applies (see below criteria)!
In some states, the following criteria applies:
— Additional form may be required. Contact your financial aid administrator or your state agency.
— Applicants encouraged to obtain proof of mailing.
— For priority consideration, submit application by date specified.
— Deadline by midnight, Central Daylight Time.
— Deadline by midnight, Central Standard Time.
— Deadline may be by date received, date postmarked or date form was processed.
Notes: Why ASAP? Awards made until funds are depleted.
Workforce Grant – check with your financial aid administrator.
Higher Education Opportunity Grant – June 1, 2017 by midnight, CST, (date received).
Additional community college Cal grants must be postmarked by September 2, 2017.
Notes: You’re also encouraged to obtain proof of mailing and additional forms may apply.
If you are a non-citizen holding a Social Security card issued through Deferred Action for Childhood Arrivals (DACA) or for some other work authorization, you should fill out the California Dream Act Application found at www.caldreamact.org, NOT a FAFSA form.
Notes: For priority consideration, submit application by the specified date. You’re also encouraged to obtain proof of mailing and additional forms may apply. Contact your financial aid administrator or state agency for additional information.
For DCTAG, complete the DC OneApp and submit supporting documents by May 31, 2017.
Notes: This is the date the form must be processed by, not received or postmarked so make sure to leave a little leeway!
Notes: You may need to fill out an additional form.
Notes: For priority consideration, submit application by the specified date. Also, an additional form may be required. Contact your financial aid administrator or state agency for additional information.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Earlier priority deadlines may apply for certain programs and an additional form may be required.
Notes: For priority consideration, submit application by the specified date. Also, an additional form may be required. Contact your financial aid administrator or state agency for additional information.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Turning it in by July 1, 2017 is highly recommended.
Notes: For priority consideration, submit application by the specified date.
HELP Scholarship – March 31, 2017 by midnight, CST (date received).
Check with your financial aid administrator.
Notes: An additional form may be required.
Notes: An additional form may be required.
All other applications – September 15, 2017 by midnight, CST for fall and spring terms (date received).
February 15, 2018 by midnight, CST for spring term only (date received).
Notes: An additional form may be required.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: Why ASAP? Awards made until funds are depleted.
Notes: An additional form may be required.
Notes: For priority consideration, submit application by the specified date.
Oregon Opportunity Grant – ASAP after October 1, 2016.
Notes: Why ASAP? Awards made until funds are depleted.
All other applicants – May 1, 2017 by midnight, CST (date received).
SC Commission on Higher Education Need-based Grants – ASAP after October 1, 2016.
Notes: Why ASAP? Awards made until funds are depleted.
An additional form may be required.
For State Lottery – fall term, September 1, 2017 by midnight CST (date received); spring & summer terms, February 1, 2018 by midnight, CST (date received).
Notes: Prior-year recipients of State Grant will receive an award, if eligible. All other awards are given to neediest applicants who have met the January 17, 2017 deadline until funds are depleted.
Notes: Why ASAP? Awards made until funds are depleted. An additional form may be required.
Notes: An additional form may be required.
Notes: Why ASAP? Awards made until funds are depleted.
WV Higher Education Grant Program – April 15, 2017
Notes: An additional form may be required.
To find out more information regarding financial aid deadlines, visit the FAFSA website.
Information compiled from http://www.fafsa.ed.gov.
To complete the FAFSA, go to http://ift.tt/1jlYGkE.
Source: Fastweb
Who Really Needs Renters Insurance?
Shutterstock Back in my single days as an apartment dweller, I had a cozy bachelor pad that consisted of a one-bedroom apartment perched on top of a garage. I arrived home from work one day to observe my neighbor who was also returning home after an extended weekend. As he pushed […]
Source: Forbes
